UOL and CapitaLand Team Up for $810M En Bloc Purchase of Thomson View
In a significant move, UOL Group has exercised its call option to purchase Thomson View Condo en bloc for $810 million. This deal, a joint effort with CapitaLand Development (CLD), represents one of the largest residential en bloc transactions of 2024.
Milestone Agreement Secured
The process began on October 26 when UOL and CLD entered a put-and-call option agreement to acquire Thomson View Condo. The sale hinged on achieving 80% consent from owners to reduce the reserve price from $918 million to $808 million. On November 22, the required majority was achieved, with Swee Shou Fern, head of investment advisory at Edmund Tie, facilitating the agreement.
A 5% payment of the purchase price, inclusive of a $1 million option deposit, will be made within seven business days following the exercise of the call option.
A Landmark Transaction in Singapore’s Real Estate Scene
The en bloc purchase of Thomson View is the second-largest residential en bloc deal in 2024. It trails only the $821 million acquisition of Concorde Hotel and Shopping Mall earlier this month. However, it surpasses Kingsford Group’s $890 million acquisition of Chuan Park in July 2022, marking a strong year for high-value property deals.
Why It Matters
Thomson View Condo’s strategic location and size make it a prime site for redevelopment. As developers like UOL and CLD secure such significant properties, buyers looking at upcoming launches such as Lentor Central Residences will see a wealth of new options in well-connected neighborhoods.
This acquisition showcases the enduring demand for prime residential spaces in Singapore, despite market fluctuations. As redevelopment plans unfold, Thomson View is expected to transform into a modern residential hub, adding vibrancy to the area and delivering value to potential homeowners.
